Fannie Mae-No Politics (FNMA)

[RumplePigSkin]

Bradford, please don't tell us when this unprecedented amount of capital will be raised? Because when you do we will have to add several years onto your prognostication to be accurate given your track record ...

So in this hypothetical world, does JPS get converted before the raises? I'm assuming so ...

So liquidation pref goes to 0 and warrants settled without execution ... then we wait for ...

When will the cap rule be changed?

When will a legislative attempt be made for a utility model?

4 more years of capital retention ... What is the float after a raise? 3, 4, 5 billion max?

Good luck!